The members of Edson Savings & Credit Union voted 99% in favour of amalgamation with Servus Credit Union at their Annual General Meeting on February 12, 2019.
The results of the Edson member vote and the Amalgamation Agreement between Edson and Servus will be sent to the provincial regulator and Minister of Finance for approval. If approved the amalgamation will take effect on May 1, 2019 and the new organization will operate as Servus Credit Union.
Edson Credit Union and Servus Credit Union share a long tradition of member service based on cooperative values. Edson has about 2500 members and $57 million in assets. Servus, based in Edmonton, has about 380,000 members and $16.1 billion in assets.
Edson's Board of Directors felt the future interests of the credit union and its members would be best served by a partnership with another credit union that shares their support for community and commitment to exceptional service. They conducted a thorough process of discovery to identify a preferred partner and selected Servus Credit Union based on the benefits Servus can provide to Edson members, community and staff. Servus members were not required by legislation to vote on this amalgamation.
The amalgamation gives Servus a significant new market with growth potential and consolidates Servus's presence along the west Yellowhead corridor and in northwest Alberta.